Naira Depreciates At Black Market Over Summer Holiday Dollar Demand

The Nigerian naira is seen depreciating marginally on the black market in the days ahead on an expected increase in dollar demand by small businesses and people planning for summer holidays.

The local currency was quoted at 370 to the dollar on the black market on Thursday, compared with 365 a dollar it traded at last week, while commercial lenders are yet to put up a quote on the interbank market.

“We are expecting a slight depreciation in the value of the naira as we approach the summer holiday period for many Nigerians unless the central bank increases dollar supply to the market to cater for the likely surge in demand,” one currency trader said.